Wheat futures drop 2.4 percent, extending declines

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Associated Press

Posted on December 26, 2012 at 2:00 PM

Updated Wednesday, Dec 26 at 3:01 PM

Wheat prices are falling as traders return to work after the Christmas holiday.

Wheat for March delivery fell 19.25 cents to $7.7450 a bushel Wednesday, a decline of 2.4 percent. The grain has fallen 8 percent so far this month, and is on course for its biggest monthly decline in more than a year.

Corn and soybeans also dropped.

Grains fell in low trading volumes, as traders pared their bets before the end of the year and watched for developments from the budget talks in Washington. Analysts said trading volumes could stay below normal levels until the start of the new year.

In other commodities trading, gold and silver crept higher as the dollar weakened against other currencies.

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